Simple Money Management with the 50/30/20 Rule

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The 50/30/20 rule is a simple money management strategy where you allocate 50% of your income to needs (housing, utilities, groceries), 30% to wants (dining out, entertainment), and 20% to savings and debt repayment. This method helps balance essential expenses with discretionary spending while ensuring you save and reduce debt. It's an easy way to manage finances, promoting financial stability and long-term wealth accumulation.